Over the past 50 years, trends in employer-sponsored benefits, personal savings rates, and robustness of government retirement benefits have changed the outlook on retirement for millions of people around the globe. Given today’s typically shorter periods of employment with any one employer, and the corresponding patchwork of benefits attendant to such movement within the workforce, the standard of living for the next wave of retirees could be dramatically different from the lifestyle enjoyed by previous generations.
The traditional model of retirement security must evolve to meet the ever-increasing demands of the modern world, as well as the needs of a constantly changing workforce. Significantly greater employee mobility, longer lifespans, and increased financial flexibility all require a more nimble retirement security framework.
Such a new model of retirement security must include tools to ensure adequate savings and access to financial resources worldwide. This paper calls for a new, global retirement account to achieve these and other goals. Such an account, specifically tailored to bolster retirement security for today’s global workforce, could reach across borders to enhance quality of life on an international scale.